Noah Berger / AP

Facebook is tightening controls over who can advertise on its platform, Reuters reports. Moving forward, content creators and publishers will have to comply with the standards used to evaluate crowdsourced content if they wish to sell ads

Why it matters: The crackdown is a sign that Facebook takes pressure from governments and companies seriously.

The changes come in response to its recent admission to authorities investigating Russia's influence on the 2016 election that they sold thousands of ads likely linked to Russia, many of which were connected to "inauthentic" accounts and Pages.

Lawmakers and interest groups responded to the revelations, as well as a report that Russian operatives used Facebook's events tool to organize and promote political protests in the U.S., by demanding that Facebook and other tech companies testify before Congress. Bloomberg reports that Special Counsel Robert Mueller's Russia probe has a "red-hot" focus on social media.

Facebook's COO, Sheryl Sandberg addressed other concerns Wednesday, like inaccurate media measurement and unsafe content on its platform. Speaking at a conference in Germany, where lawmakers have been especially aggressive about privacy standards, Sandberg said the company is working to roll out updates to address a range of concerns.

"We hear their concerns about safe environments, about standards, about measurement, and this is critical to us," she said. "We're working hard to roll things out that give you more control over where your ads run, and more knowledge about where your ads run, before, during and after campaign."

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Dan Primack, author of Pro Rata
5 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Wednesday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.